Latest news with #AbdolkabirAlfakhry
Yahoo
17-05-2025
- Business
- Yahoo
Libya's Future in Peril Again, While Russia Expands Its Influence
North Africa's most resource-rich nation, Libya—home to vast hydrocarbon and mineral reserves—is once again at a crossroads. Despite its potential, the country continues to struggle with instability and lacks the international attention needed for sustainable progress. Backed by Western and Turkish support, Libya's internationally recognized government is attempting to revitalize its upstream oil and gas sector, which is already attracting notable global interest. At the African Energy Forum in Paris, Abdolkabir Alfakhry, a representative of Libya's Ministry of Oil and Gas, announced that nearly 40 international companies have expressed interest in the upcoming licensing round, which is expected to be formally launched in November. Alfakhry emphasized that future development efforts will prioritize offshore resources, an area that remains largely underexplored. According to the Ministry, the bid round—initially announced in March 2025—will offer 22 onshore and offshore blocks covering a total area of 235,267 square kilometers. These include 128,714 km² offshore and 106,553 km² onshore, primarily within the Sirte, Ghadames, and Murzuq Basins, with potential future activity in the Kufra Basin. Contracts will be offered under the Production Sharing Agreement (PSA) model, with deals expected to be signed between November 22 and 30. Estimates suggest the blocks may contain approximately 1.63 billion barrels of oil equivalent in discovered reserves. Libya has actively promoted these opportunities through events in Houston, London, and Istanbul. European energy giants such as Shell, BP, TotalEnergies, Eni, and Equinor are expected to participate, alongside U.S. firms like ConocoPhillips, which has maintained a longstanding presence via the Waha Concession. ConocoPhillips' President for Europe, the Middle East, and Africa, Steiner Vage, confirmed continued American interest in expanding operations in Libya. Global demand for hydrocarbons and the urgency to diversify Libya's economy further reinforce the strategic importance of this bid round. For Europe, new oil and gas volumes from Libya could significantly bolster energy security amid geopolitical uncertainty. However, persistent instability threatens to derail progress. Recent clashes in Tripoli, sparked by the killing of prominent militia commander Abdel Ghani al-Kikli (known as Ghaniwa), once again exposed Libya's fragile security landscape. Ghaniwa, a key figure in the Stability Support Apparatus (SSA), was killed in a facility controlled by the 444 Brigade, loyal to Prime Minister Abdul-Hamid Dbeibah. The violence forced hundreds to flee and risked spreading to other regions. While the Government of National Unity (GNU) has since declared the situation under control, no official response has yet come from the east, where the Libyan National Army (LNA), led by General Khalifa Haftar, remains dominant. The timing of the unrest is especially notable: it coincided with General Haftar's visit to Moscow, where he and his son, Saddam Haftar, met with President Vladimir Putin and Russian Defense Minister Andrei Belousov. Reports suggest discussions covered enhanced military cooperation, arms deals, and potential Russian military infrastructure in eastern Libya—a strategic foothold that would significantly expand Moscow's influence in the Mediterranean. Since its loss of strategic positions in Syria, Russia has been actively seeking new naval and military assets in North Africa. Libya, with its Mediterranean coastline and proximity to Europe, offers a prime location. Russian involvement in Libya complements its expanding presence in Algeria, Tunisia, and across the Sahel, including Mali, Burkina Faso, Niger, and Chad. European leaders are growing increasingly alarmed. Italian Defense Minister Guido Crosetto recently warned that Russian military capabilities could be positioned 'just two steps away' from Italy's maritime territory, threatening NATO's southern flank and Europe's energy and commodity supply lines. The intensifying geopolitical competition in Libya is likely to impact the success of the November bid round. European nations, particularly Italy and France, must take more decisive action. Ensuring Libya's stability is not only key to regional development—it is vital to safeguarding Europe's maritime security and energy future. By Cyril Widdershoven for More Top Reads From this article on
Zawya
15-05-2025
- Business
- Zawya
Libya's upstream licensing round attracts more than 40 applicants
Libya's latest upstream licensing round has already attracted more than 40 applicants, according to Abdolkabir Alfakhry, Advisor to Libya's Minister of Oil and Gas. Speaking at the Invest in African Energy Forum in Paris on Wednesday, he said the bid round signals Libya's integration into the global energy market. Libya's launched its first international upstream licensing round in 18 years in March 2025 offering 22 onshore and offshore blocks. The country is targeting 2 million barrels per day (bpd) by 2028. Speaking at the same forum, Steiner Vage, President for Europe, the Middle East and Africa at ConocoPhillips said the US major sees huge potential in Libya, where it is currently operating the Waha concession, and Equatorial Guinea. 'We see a future in Equatorial Guinea in terms of stranded assets and getting more gas,' he said. 'The country needs more gas to keep its facilities and sustain production. There's a good opportunity to do more.' (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
15-05-2025
- Business
- Zawya
Libya's Bid Round Draws 40+ Applicants as ConocoPhillips Signals Renewed Investment in Africa
Libya's latest upstream licensing round has already attracted more than 40 applicants, a signal of the country's re-entry into the global energy arena and growing interest in its largely untapped hydrocarbon potential. This update was shared by Abdolkabir Alfakhry, Advisor to Libya's Minister of Oil and Gas, during a session sponsored by ConocoPhillips at the Invest in African Energy Forum in Paris on Wednesday. 'More than 40 companies have already applied to the bid round,' said Alfakhry, noting that results are expected around November. 'This will open a new environment for international companies to work in Libya.' Framing Libya's assets as underexplored, particularly offshore, Alfakhry pointed to the country's strategic location on the Mediterranean and its proximity to European markets as key competitive advantages. 'The bid round signals Libya's integration into the global energy market,' he said. That outlook was echoed by Steiner Våge, President for Europe, the Middle East and Africa at ConocoPhillips, who confirmed the U.S. major's intention to deepen its engagement in Libya and across the African continent. 'Libya is a place where we can work – over the last few years, we've significantly increased production at the Waha concession,' said Vaage. 'We want to see Libya prosper. We'd also like to transfer our knowledge, and we want to work with partners that have similar objectives – that is the starting point.' While capital remains globally competitive, Vaage emphasized that Africa – alongside Libya and Equatorial Guinea in particular – remains in strong contention for future investment. 'We see a future in Equatorial Guinea in terms of stranded assets and getting more gas,' he said. 'The country needs more gas to keep its facilities and sustain production. There's a good opportunity to do more.' Ultimately, the decision on where to deploy capital, he added, comes down to the fundamentals: 'It's about finding the place where there [are] good rocks, good fluids, [and] you have a surface system that works in terms of predictability [and] capacity to execute.' Distributed by APO Group on behalf of Energy Capital&Power.
